3/25/2023 0 Comments Opec next meeting![]() ![]() But I think the impact is probably going to be less than what the market is looking for," he added. "It is probably also the reason why they are meeting face-to-face this week in Vienna because it is potentially a highly controversial decision that they may take. 3 will be key as the producers have now unwound the record. 33 rd OPEC and non-OPEC Ministerial Meeting. The next meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, together called OPEC+, on Aug. Journalists and oil industry analysts are welcome to attend these events, provided that they register in advance. The move had been broadly expected given U.S. Here you can find details of forthcoming OPEC events. ![]() "If they do cut by 1 million or by 1.5 million, they will have to change the quota system for that number actually to be a real cut in the market," Hansen told CNBC's "Worldwide Exchange" on Monday. OPEC and its non-OPEC allies, known collectively as OPEC+, decided to raise its output target by 400,000 barrels per day from next month. ![]() Last month, oil prices declined by more than $4 to their lowest level since Russia's invasion of Ukraine in late February, following demand concerns due to recession fears.Īsked whether a massive output cut from OPEC+ would likely be enough to send oil prices back to their June high, Saxo Bank's Ole Hansen said, "I don't think it is because what we have to consider is that OPEC+ has been struggling now for months to actually produce the quota levels they had agreed." At the time, the United States was both the world’s. The Organization of the Petroleum Exporting Countries (OPEC) agreed last Wednesday to cut its members’ oil production by 2 million barrels per day. OPEC Calendar of Meetings and Reports 2022-Jan-04, OPEC and non-OPEC Ministerial Meeting 2022-Jan-18, OPEC Monthly Report 2022-Feb-02, OPEC and non-OPEC. Pickering told CNBC he does not think an Iran nuclear deal will happen, and that the real concern would be how recession risks will stoke demand fears. OPEC began shortly after World War II when Venezuela and Iran invited Iraq, Kuwait, and Saudi Arabia to meet to discuss petroleum exports. ![]()
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